August 2020 had More Kyber Network Transaction Volume Than all of 2019 Combined

CryptoMode Kyber Network

It is evident that cryptocurrency projects go through strong periods of growth. Kyber Network is a good example in this regard. According to its recent report, the transaction growth is quite spectacular.

Kyber Network is Growing Quickly

As an on-chain liquidity protocol, Kyber Network fulfills a very important role as part of the broader Ethereum ecosystem.

Despite launching some time ago, it has not yet gained the figures one would attribute with such a major protocol. 

Slowly but surely, things are improving as far as the Kyber Network transactional volume is concerned.

All transactions in August 2020 combined are higher than the total volume processed by the protocol in all of 2019, a clear sign of ongoing growth.

Generating nearly $400 million in just one month is very impressive for any solution trying to build on Ethereum, especially given the gas fees problems.

Speaking of which, the Kyber network team is growing concerned over this situation. Rising gas fees are only beneficial to the miners, but create issues for everyone else.

For now, the developers are not too concerned about this situation, as things seem to improve again. There is no intent on switching from Ethereum to a completely different blockchain. 

The team is actively exploring layer-two solutions to handle the gas fees, albeit no real decisions have been made as of yet. 

When the team introduced the Reserve Routing solution, an important step toward reducing gas fees has been achieved. These costs can be reduced by up to 60% in the best case scenario. 

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